Lincoln Square home sale surpasses $3 million for the first time

A single lot Lincoln Square home sale has surpassed the $3 million mark for the first time. It's possible there is a private sale out there over $3M but I have not been able to find one. $2 million sales are up as well. Houses on West Leland, Lincoln Square shown in the photo above (Eric Rojas, Broker, Kale Realty).

Lincoln Square home sale prices appear to have reached new heights this summer.  A single lot single family home built in 2020 has resold for $3,800,000 according to MREDLLC.com records (my broker multiple listing service).  4431 North Hamilton, Chicago IL 60625 closed in late June this summer smashing the $3 million mark. The newer construction home built on an over-sized 37.5 x 178 resides on one of the more desirable blocks in the neighborhood. 

Six total homes have sold for over $2 million this year from January 1st to September 18th while two more homes priced over $2 million are closing soon. In 2023 four total homes closed over $2 million and is 2022 only two homes closed over $2 million over the same period. Only three homes closed over $2M in charged up 2021 despite historically low interest rates.

Contact Eric Rojas, Broker, Kale Realty to buy, sell and rent real estate on the North Side of Chicago and the near suburbs. erojas@kalerealty.com

House of Wings Lincoln Park gets new million dollar neighbors on Arlington

A vacant 5,899 sq/ft lot adjacent to House of Wings in Lincoln Park sold for $4,775,000 in 2017 or $809.00 per sq/ft. All photos Eric Rojas, Broker, Kale Realty

Ever pricier new construction condos have no want for demand.  445 W Arlington Place Chicago, IL 60614 is a new 8 unit high-end condo development at North Clark and West Arlington in Lincoln Park. The Booth Hansen designed building boasts four of the six pre-construction units under contract with prices ranging from $1,360,000 to $2,300,000.  That's a spicy hot wing!

The vacant lot was sold for development in 2017 for $4,775,000 according to public records.

Lincoln Park single family home sales 2017, 83% sold over one million

Many million dollar homes have been built in the Wrightwood/ Lakewood area (old industrial train route) over the last five years as all of Lincoln Park, east and west, has filled in. Photo Eric Rojas, Broker, Kale Realty.

A recent report cites Lincoln Park leading Chicago in million dollar property sales in the 3rd quarter of 2017. The rate of both residential and commercial tear downs in Lincoln Park may seem shocking. But the redevelopment payoff is big. Let's take a look at over-all Lincoln Park single family home sales as we near the end of 2017.

Single family home sales January 1st to November 10th
176 single family homes have been recorded closed from January 1st to November 10th according to MREDLLC.  The median price of a sold home is $1,565,000. Over the same period in 2012 (as the market was taking off) 164 single family homes closed with a median price around $1.2 million.

146 of those Lincoln Park single family home closings this year were $1 million dollars and over.  That edges out North Center which sold 140 single family homes $1 million dollars and over.

The highest Lincoln Park sale was 542 West Grant Place, Chicago IL 60614 for $7,200,000. 

With many impressive properties new and old it is not hard to imagine Lincoln Park leading the city in million dollar sales.

What's up with Lincoln Square home sales? The price!

Agents like nothing more than seeing my four kids entering an open house! The familia checks out a new gut renovation  open house on the 2200 block of West Leland priced at $1,049,000.

Lincoln Square continues to be more popular than ever for home buyers.  The addition and enhancement of public and private schools, improved infrastructure and increased (and trendy) entertainment options have made palpable changes to neighborhood once slow to develop. I suspect there is a higher number of million dollar home sales than in past years as new construction homes push the envelop for this once working class enclave. Let's take a look.

Lincoln Square single family home sales
111 Lincoln Square single family homes sold so far in 2017 with a median price of about $688,000.  25 of the 111 home sales have been for over $1 million.  Three of those homes sold for over $2 million.  
 

New retail build-outs and infrastructure improvements have gone hand and hand with a new class of luxury builds.

In 2016, 83 single family homes sold over the same period with a median price of about $655,000. 16 of those sold homes sold for over $1 million. One of those homes sold over $2 million.


Over the same period in 2007 and 2008 at the height of the bubble a combined 17 homes sold over $1 million with the highest sale about $1.5 million.